Hire Purchase

Hire Purchase is one of the available methods to finance your new vehicle through Rainbow.

In theory, you are hiring the vehicle from the lender until the final payment of your contract is made and the legal ownership of the vehicle is passed over to you the customer. The lender therefore legally owns the vehicle until all payments have been made in full although you the client do have various rights protecting yourself.  

Usually a deposit will be paid to the lender followed by a pre-agreed monthly installment for a specific contracted term. This allows you to spread the payments of potentially expensive vehicles into affordable monthly repayments.

Please remember, the loan is secured against the vehicle with hire purchase and therefore all payments must be paid.

Hire purchase can be taken over a period of 12 to 60 months and the interest rate is subject to circumstances and credit status.